Website Mobipicker quoted sources saying that the latest handset release by the Chinese firm is codenamed Libra, adding the device would come with 4GB of RAM and the Snapdragon 820 chipset.

The phone will come with either 16 or a 64GB internal storage, a 5.3 inch display with a resolution of 1440 x 2560 pixels and a 3,030mAh battery.

According to the site, the Mi5 will carry a 16-megapixel flip side camera and a 6-megapixel front snapper for selfie lovers. The handset will run Android 5.1.1 out of the box and will come with fingerprint scanner. The exact date of release is not known.

The company will reportedly reveal the successor of Mi 4 and predecessor of Mi6, Mi5 in the country very soon. Mi 5 will be launched with the Lollipop version of MIUI, MIUI 7.

Xiaomi's MIUI accounts for one of the most popular third-party ROM but had also been attracting a lot of criticism as it hasn't implemented updated Lollipop version after its release.